EURUSD reaches the target – Analysis - 14-02-2017

The EURUSD pair continued its decline to reach the waited main target at 1.0581, accompanied with stochastic positive signals, noticing that the last bearish wave confined within a falling wedge’s pattern that appears in the image, which means that breaching its resistance at 1.0640 will motivate the price to regain its bullish correctional track, and its main targets begin at 1.0852 and extend to reach 1.0973 on the near term basis.

Therefore, we prefer witnessing positive trading in the upcoming sessions unless breaking 1.0581 level and holding below it, where breaking this level will push the price to suffer more of the losses that reach 1.0339 as a next main station.

Expected trading range for today is between 1.0520 support and 1.0700 resistance.

Expected trend for today: Bullish